You are wrong, like all others on this site
The below is crushing dilution.
Now URGP is being shorted into a black hole.
Item 1.01. Entry Into a Material Definitive Agreement.
Item 3.02 Unregistered Sales of Equity Securities
Effective April 21, 2010, Urigen Pharmaceuticals, Inc. (the “Company” or “Urigen”) entered into an Amendment (the “Amendment”) to the Note Purchase Agreement dated as of January 9, 2009 (the “Purchase Agreement”) with Platinum-Montaur Life Science, LLC (“Platinum” or the “Holder”). Pursuant to the Amendment the Company and Platinum agreed to amend the Purchase Agreement to permit the conversion of the outstanding amounts under the Notes issued pursuant to the Purchase Agreement into shares of Series C Convertible Preferred Stock of the Company. On April 21, 2010 the Company filed a Certificate of Designation with the Secretary of State of Delaware which sets forth the powers, preferences and rights of the Series C Preferred Stock. At the closing of the transactions contemplated by the Amendment, the Company issued to Platinum 552,941 shares of Series C Preferred Stock and a five year warrant to purchase 5,529,410 shares of common stock of the Company at an exercise price of $0.125.
On April 26, 2010, a UCC termination statement was filed with the Secretary of State of Delaware to terminate the security interest granted to Platinum in connection with the Purchase Agreement.
In connection with the foregoing, the Company relied upon the exemption from securities registration afforded by Rule 506 of Regulation D as promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”) and/or Section 4(2) of the Securities Act.
The above is a summary of the Amendment to the Certificate of Designation and Warrant and is qualified in its entirety by the provision of each of the documents which are included as Exhibits 10.1 through 10.3 to this Form 8-K.
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